Frequently Answered Questions

We receive many questions every day, and often they have been previously answered. To help you find an answer as conveniently as possible, we have constructed this section listing frequently asked questions. If you cannot find a sufficient answer, you can also contact Open Door Loan directly using the Contact Us page

 

What exactly is a payday loan?

A payday loan is a streamlined process to borrow a modest amount of cash that is to be repaid on your next payday. The interval between loan and repayment may extend as long as 31 days, depending on your wage schedule.

What are the limits on borrowing?

Subject to credit approval, we will lend you from £200 up to £1050. First-time borrowers can initially qualify for up to  £400 in payday loans. Once you repay your initial loan, Open Door Loan will consider raising the limit on your future loans.
 

What is the procedure for receiving my loan?

Open Door Loan is a leading UK source for quick, instant & online loans, and it is quite possible you will receive your money on the same day you submitted your online application. If the application is received after 14:30, the earliest the money can be dispensed is the next banking day. In all cases, the money is deposited directly in to your bank account. Your own bank's rules will determine how quickly you can withdraw the money.

Is a payday loan a good idea for me?

We understand that anyone can find themselves suddenly short of cash. Life has a habit of presenting us with unexpected situations that may require extra money. In your hour of need, Open Door Loan is here to help you fix a short-term cash problem. But remember, payday loans are not a long-term solution to financial problems, and shouldn't be viewed as an ongoing funding source. So ask yourself: Can I wait until next payday before needing more cash? Do I need a loan for a longer period of time? If either is true, it makes sense to explore alternatives other than a payday loan, which is an expensive form of credit.

How does Open Door Loan decide whether I am qualified to borrow?

UK residents over 18 years old possessing a valid bank account and receiving steady employment income of at least £750 per month may qualify for a loan. Bad credit does not disqualify you from receiving a loan, however creditowrthiness is taken into account.

I have bad credit – what is the likelihood of qualifying for a loan?

The good news is that bad credit does not immediately disqualify you from receiving a loan. Open Door Loan has automated the decision-making process, and a bad credit rating may indeed affect the outcome. You can help yourself by including accurate personal details in your application – the more detailed information you give us, the easier it will be for us to make a timely decision, hopefully in your favour.

I may need some flexibility in repaying or extending my loan – is this possible?

We pride ourselves on service that is quick, instant & online. You can contact us at any time at customer.service@opendoorloan.co.uk should you need to reschedule your loan. We can arrange for you to make interest-only payments while we reschedule your regular loan payment for the subsequent pay date. In this way, you have the flexibility you need to budget the repayment of your loan. We urge customers to borrow an amount that can be paid back on their next payday. If you use payday loans every pay period, you will find yourself in an unsustainable situation, and should consider other forms of borrowing.

My information changed – how do I update it?

Our website has a handy Contact Us page that provides an email address to which you can send the updated information. Once received, we will update your information and send you a confirmation via email.

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